Agenda - 09-02-2008 - 4e - Laserfiche WebLink

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This quality factor process may be used throughout the range of classes for conventional type houses. However, it does not apply above class "160"; quality factors above "160" may range up to 160+99 or "259. " The appraiser must use extreme caution not to confuse quality and condition when establishing quality factors for older houses in which a deteriorated condition may have a noticeable effect on their appearance. Quality should be established on original built-in quality as new dwellings and not be influenced by physical condition. The action of the elements and physical forces in lessening the value of a dwelling below its replacement cost should be adjusted by depreciation. QUALITY/ MARKET CLASSES The accuracy of a dwelling appraisal largely depends upon the selection of the right quality/market factor. Quality represents workmanship and type of materials used. Market represents adjustments to the cost approach indicated by market data analysis. The , combination of quality workmanship and materials reflects cost. Replacement cost is basically the initial processing point of all scientific appraisals. An accurate quality factor is essential to obtain this replacement cost. An accurate market factor is essential to making final adjustments arriving at accurate market values. Two houses may be built from the same general plan, each offering exactly the same facilities and with the same specific features, but with widely different costs due entirely to the quality of materials and workmanship used in their construction. The cost of a dwelling constructed of high quality materials and with the best of workmanship throughout may be more than double that of one built from the same floor plan with inferior materials and workmanship prevailing. Additionally, identical plans may be constructed but in areas with completely different market conditions with completely different market values.